Ever gotten to crossroads with your business and feel there’s nothing left to do? Perhaps, your business has reached a ceiling with no hopes of breaking through. These can lead to frustrations on the part of the entrepreneur and members of staff. There are certain steps that could be taken to gain traction in your business. Here are some of them:
Founding and scaling a business is not about taking spontaneous decisions. Inasmuch as this can be obtainable at some levels, a business cannot be successfully run in this manner. There is need to develop concrete and workable plans that can effectively move your business forward. These could also be regarded as SMART goals. Each goal you set for your business ought to be Specific, Measurable, Achievable, Relevant
. As a business owner, it is pertinent that you set short term (yearly, quarterly) and long term goals. This will enable you track your progress. Just like developing a to-do list for yourself and ticking them off once you achieve them, it is also important you do so for your business. it’s not enough to have a plan in your head, write it down.
When we talk about investing in marketing, it does not mean that you should pour all your cash flow into television, radio and billboard adverts, or even social media marketing. This only means that you have to be strategic about it. As a growing business, you need to sell your business out there for people to recognise you and identify with your brand. Without marketing or selling your business, you will not be able to make your business known to your prospective customers. What is the aim of a business when no one knows about it? Sit with your team and draft a marketing plan. Discuss it and identify what medium works best for your business. Set aside a feasible marketing budget and work with it. You can leverage on social media marketing as this tends to be more targeted and somewhat cost-effective when applied rightly. Let the world know about your business.
Downtime is simply a time especially in business, where the business seems to be stagnant, with no revenue or sustainable progress. It is at this period that several business owners give in to depression and discouragement. However, this is a period in your entrepreneurial journey when you get to reflect on your purpose for starting that business in the first place. Downtime should be a time to go on a vacation, let out the steam and give your staff a break to also get rejuvenated. Take new entrepreneurial courses, learn more skills, attend more business seminars and workshops. At this time, seek connections and worthy partnerships with individuals and other businesses that could be of help to you. So instead of sitting down and lamenting on how your village people are working against you, work on yourself and see your business grow as well.
Gaining traction in your business should not be so much of a herculean task. Although, there is no promise that being a business owner will be a smooth ride, these are few things you can do to help resurrect that dying business or grow that tender enterprise. Start scaling and growing!
Featured Image Source: entrepreneur.com
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This article was first published on 3rd August 2021